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Ellington Management hires Steven Abreu from GMAC Mortgage as the MBS specialist (EFC, EARN)...

Ellington Management hires Steven Abreu from GMAC Mortgage as the MBS specialist (EFC, EARN) founded by Mike Vranos gets into the mortgage origination business. Ellington Financial (EFC) will wade into the market with the purchase of small or medium-sized originators says CFO Larry Penn, but the goal, says Vranos, is to build a top-tier national lender with $20B/year or more in originations.
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  • Micro_Cap_Maven
    , contributor
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    Given Vranos in-depth knowledge of these markets and Abreu's experience with GMAC, this has the potential to be a much needed consolidator in the origination space. If they are successful, they can flip the whole thing to Ocwen or Nationstar, both of which currently have their hands full consolidating the whales being sold off by the money centers and super-regionals.
    24 May 2013, 01:59 PM Reply Like
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